As was previously announced on December
12, Orcopampa’s 2018 production was below the Company’s most recently
released production guidance due to management’s strategic decision to
temporarily cease production in order to focus on centralizing the
operation, prioritizing the De-Bottlenecking Program over ore
extraction.

Tambomayo:

2018 gold, silver and lead production was
in line with the most recent guidance released. 2018 zinc production
was slightly above the guidance provided.

La Zanja:

2018 gold production was in line with the
most recent guidance released.

Tantahuatay:

2018 gold production was in line with
the most recent guidance released.

Silver Operations

Uchucchacua:

2018 silver, lead and zinc production
was in line with the most recent guidance released.

Julcani:

2018 silver and lead production was in line
with the most recent guidance released.

Mallay:

2018 silver and zinc production was slightly
above the most recent guidance released. 2018 lead production was in
line with the most recent guidance released.

Base Metals Operations

El Brocal:

2018 gold, copper, lead and zinc
production was in line with the most recent guidance released.

Silver
production was below the Company’s most recently released guidance ,
mainly due to changes in the mining sequence which resulted in lower
silver grades. Silver grades are expected to improve in 1Q19.

2018 Volume Sold

4Q18 Volume sold per Metal (100% basis)

4Q18 (Actual)

12M18 (Actual)

Gold (Oz.)

Orcopampa

13,405

116,719

Tambomayo

25,691

119,211

La Zanja

20,234

74,370

Tantahuatay

51,355

171,770

El Brocal

2,482

14,297

Silver (Oz.)

Uchucchacua

2,949,234

14,443,456

Julcani

635,338

2,368,497

Mallay

97,106

458,671

Tambomayo

662,978

3,570,382

El Brocal

773,051

3,058,987

Lead (MT)

Julcani

237

915

Uchucchacua

4,553

17,071

Mallay

387

1,633

Tambomayo

709

3,268

El Brocal

5,248

18,713

Zinc (MT)

El Brocal

8,020

37,470

Uchucchacua

4,328

16,811

Mallay

931

3,369

Tambomayo

1,769

7,143

Copper (MT)

El Brocal

11,523

43,710

Realized Metal Prices

4Q18

12M18

Gold

1,223

1,268

Silver

13.51

15.09

Lead

1,792

2,141

Zinc

2,338

2,686

Copper

5,801

6,277

2019 Guidance

1.EBITDA Direct Operations

The company expects an EBITDA of $310-380 million during 2019.

Regarding Buenaventura’s guidance for 2019, the Company expects 2019E
EBITDA to be in line with that which was announced for 2018, despite an
anticipated decrease in production which is expected to be offset by
decreased Opex resulting from the continued success of Buenaventura’s
De-Bottlenecking Program.

Increase of efficiency of the ratio of mining preparations per tone
+ Haulage Fleet reduction

$4.0 -5.0M

2

Improvement of the Metallurgical Process

Change in the process: Cyanidation �’ Flotation to Flotation �’
Cyanidation of concentrate

$11.0 – 12.0M

3

Cost Optimization in Support Areas

Synergies between Orcopampa and Tambomayo

$1.0 – 2.0M

ORCOPAMPA

1

Mine Centralization

Reduction of equipment

$2.0 – 2.5M

2

Improvement of efficiency in exploration

Reduction of exploration galleries and emphasis in diamond drilling

$2.0 – 2.5M

3

Cost Optimization in Support Areas

Synergies between Orcopampa and Tambomayo

$1.0 – 2.0M

UCHUCCHACUA

1

Optimization of the ore transport system

Reduction of equipment and haulage distances

$1.0 – 1.5M

2

Improvement of efficiency in exploration

Emphasis in zones close to the exploitation areas (centralization)

$3.5 – 4.5M

3

Cost Optimization in Support Areas

Optimization of services and process

$1.5 – 2.5M

EL BROCAL

1

Mine Design Optimization

Stope design optimization to reduce galleries per ton mined

$5.0 – 6.0M

2

Renegotiation cost rates with contractors

Optimization of the use of the equipment fleet

$1.5 – 2.5M

3

Increase in production due to operational improvements

Second stage in the optimization of metallurgical processes:
Availability and Performance

$6.0 – 7.0M

TOTAL : $40.0 - 50.0M

*In the coming conference call, the company will present a breakdown
of the De-Bottlenecking Program by quarter.

3. Total Capex
[**]

The company expects a total CAPEX of $80-120 million during 2019.

**In the coming conference call, the company will present a breakdown
of total capex by objectives (sustaining and growth).

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded
precious and base metals Company and a major holder of mining rights in
Peru. The Company is engaged in the exploration, mining development,
processing and trade of gold, silver and other base metals via
wholly-owned mines and through its participation in joint venture
projects. Buenaventura currently operates several mines in Peru
(Orcopampa*, Uchucchacua*, Mallay*, Julcani*, Tambomayo*, El Brocal, La
Zanja and Coimolache).

The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with
Newmont Mining Corporation), an important precious metal producer and
19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper
producer.

For a printed version of the Company’s 2017 Form 20-F, please contact
the persons indicated above, or download a PDF format file from the
Company’s web site.

(*) Operations wholly owned by Buenaventura

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined
in the U.S. Private Securities Litigation Reform Act of 1995) that
involve risks and uncertainties, including those concerning the
Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of
exploration, the continued improving efficiency of operations,
prevailing market prices of gold, silver, copper and other metals mined,
the success of joint ventures, estimates of future explorations,
development and production, subsidiaries’ plans for capital
expenditures, estimates of reserves and Peruvian political, economic,
social and legal developments. These forward-looking statements reflect
the Company’s view with respect to the Company’s, Yanacocha’s and Cerro
Verde’s future financial performance. Actual results could differ
materially from those projected in the forward-looking statements as a
result of a variety of factors discussed elsewhere in this Press Release.

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